• European stocks close higher, tracking positive global sentiment; Meggitt soars 55%

    3 Aug 2021 | SET News

European stocks close higher, tracking positive global sentiment; Meggitt soars 55%

 

European stocks closed higher on Monday, tracking positive sentiment around the world as deal speculation and earnings drove significant share price moves.

The pan-European Stoxx 600 provisionally ended 0.6% higher, with retail stocks adding 1.8% to lead gains while insurance stocks slid 0.6% lower.

 

Shares in Asia-Pacific climbed on Monday as investors picked up bargains following a recent rout, while data showed Chinese manufacturing activity growth slowed in July.

 

Stateside, U.S. stocks rose on Monday as strong earnings and bipartisan progress on a wide-ranging $1 trillion infrastructure bill overrode concerns about the spread of the delta Covid-19 variant.

 

In Europe, automakers’ lobby CCFA-PFA said Sunday that the global semiconductor shortage and surging infections are hindering rebound prospects for the French auto market.

 

On the data front, final Markit manufacturing PMI (purchasing managers’ index) readings for July showed euro zone factory activity continuing to accelerate at breakneck speed despite shortages of raw materials and rising costs. The final reading came in at 62.8, down from June’s all-time high of 63.4 but ahead of a preliminary estimate of 62.6.

 

U.K. manufacturing activity slowed to 60.4 from June’s 63.9, having peaked at a record 65.6 in May.

 

Reference: CNBC

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